FINANCIAL INTERMEDIATION SERVICES INDIRECTLY MEASURED: ESTIMATES FOR FRANCE AND THE U.K. BASED ON THE APPROACH ADOPTED IN THE 1993 SNA

Iain Begg · Jacques Bournay · Martin Weale · Stephen Wright

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Economic Theory and Policy Monetary Policy and Economic Impact Accounting Theory and Financial Reporting

Abstract

The 1993 SNA proposes a revised treatment of the output of financial intermediaries which treats intermediation services in part as a component of final demand, so that GDP is higher than the 1968 SNA suggests. In this paper we present the results of attempts to estimate FISIM (Financial Intermediation Services Indirectly Measured) for France and the U.K. The French study uses a reference rate calculated to ensure that no imputation is made with respect to own funds, while the U.K. study relies on a market interest rate. Both studies present an allocation of intermediation services by industry as well as by category of demand. The adjustments to GDP are of similar magnitudes in both countries.

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1992The new Palgrave dictionary of money and finance 1992Output Measurement in the Service Sectors 1993System of National Accounts, 1993 1987THE TREATMENT OF INTEREST AND FINANCIAL INTERMEDIARIES IN THE NATIONAL ACCOUNTS: THE OLD “BUNDLE” VERSUS THE NEW “UNBUNDLE” APPROACH 1984AN ALTERNATIVE TO THE CURRENT TREATMENT OF INTEREST AS TRANSFER IN THE UNITED NATIONS AND CANADIAN SYSTEMS OF NATIONAL ACCOUNTS

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